VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 07/19/11 — Premium Exploration Inc. (TSX VENTURE: PEM) („Premium“ or „the Company“) is making gold discoveries. The Company-s goal is to discover multiple deposits along its 30 km property, an emerging gold district in Idaho, USA.
The Company is pleased to announce results and highlights from the 25,000 m drill program currently underway:
„The 44% increase in the strike length of the Main Zone to the north and south demonstrates the additional size potential of the Friday Deposit along strike,“ stated Michael Ostenson, P.GEO., VP Exploration.
This provides the Company with a framework to return with tighter spaced infill drill-holes, where we can drill to the west across mineralization in an effort to delineate the width of the mineralization.“
Friday-Petsite Drilling North:
Drill-hole PFR2011-8 was drilled 85 meters along strike to the north of the Main Zone. It was drilled northwest starting in the footwall, intersected the Friday Fault, and drilled across mineralization of the hanging wall which is consistent with the Main Zone.
This drilling extends the strike length of the Main Zone/Lower Block 85 meters north, a 10% increase, and mineralization between the North Zone and the Main Zone is now interpreted to be continuous. Step-out drilling is continuing along the north-northwest trend of the zone.
Friday-Petsite Drilling South:
Step-out drilling is designed to locate the Friday Fault along strike to the south in order to demonstrate the size potential of the deposit. The Friday Fault is the eastern bounding fault of the Orogrande Shear Zone, which hosts the bulk of the mineraliastion defined on the project to date. At this time Premium is drilling to the east in order to locate the Friday Fault along strike to the south of the current resource area. Infill drilling between the step-outs is planned. These infill holes will be drilled to the west, across mineralization, in an effort to delineate the overall width of the mineralization.
Both drill-holes were step-outs drilled east as a fan from the same collar (-55 and -75). Both encountered gold mineralization consistent with the Friday-Petsite resource, intersected the Friday Fault, and terminated in country rock. PFR2011-7 was drilled to a depth of 334.1 m and PFR2011-9 to a depth of 235.3 m.
This drilling extends the strike length of the Main Zone/Lower Block 265 meters south and mineralization between South Zone and the Main Zone is now interpreted to be continuous. Combined with the 85 meter extension north, this gives the total Lower Block strike length an increase of 44% and demonstrates the additional size potential of the deposit along strike.
The Main Zone of the Friday-Petsite NI 43-101 resource contains; 343,000 indicated oz in 11.8 Mt grading 0.90 g/t Au (0.5 g/t cut-off) and 779,000 inferred oz in 22.5 Mt grading 1.08 g/t Au (0.5 g/t cut-off). Mineralization is associated with the Friday Fault.
To view Sections, please click: , http://bit.ly/PFR2011_7-9, http://bit.ly/PF2011_8 or visit Corebox by clicking: http://bit.ly/CoreboxFP3DModel. Plan view maps can be viewed at: http://bit.ly/Phase4FP_Jul18ResultsToDate, http://bit.ly/Phase4FP_Jul19ResultsToDate.
Exploration Update:
One drill is conducting step-out drilling along the Friday Fault in the Friday-Petsite Resource Zone. This drilling is being done to demonstrate the size potential of the Friday-Petsite resource along strike to the north and south.
The most efficient and cost effective way to demonstrate this is a two-hole fan drilled to the east along strike to define the location of the Friday Fault and associated gold mineralization. Follow up drilling with holes drilled to the west and across mineralization are planned for the future.
Two drills are located in the Deadwood Zone focused on making new discoveries. The Deadwood Zone is located between the Buffalo Gulch Zone to the north and the Friday Zone to the south along the Idaho Gold Project.
A 12 km gold-in-soil trend extends along the Buffalo Gulch and Deadwood Zones and correlates with the 30 km Orogrande Shear Zone, a regional structure identified by geophysics. There are numerous additional gold-in-soil anomalies that correlate with numerous cross-cutting structures, historic mines, and prospects throughout the 35 km(2) Deadwood Zone.
DW2011-3 is located along the western side of the Orogrande Shear Zone structure interpreted by airborne geophysics and correlating gold-in-soil anomalies. There also a historic mine known as the Black Lady located 500 m southwest of DW2011-3 along the regional structure.
DW2011-2 is located on the east side of the Deadwood Zone and is targeted on a cross-cutting structure interpreted by airborne geophysics and also hosts the historic Grangeville Mine.
Premium-s strategy of drilling structures identified by geophysics with correlating gold-in-soil anomalies has led to:
NI 43-101
Premium-s current NI 43-101 on the Friday-Petsite Zone along the Company-s Idaho Gold Project, was prepared for Premium by Mark I. Pfau, MSc. of Tellurian Exploration, Inc. Mr. Pfau is an Independent Qualified Person as defined under NI 43-101. The technical report has an effective date of March 28, 2011 and was filed on SEDAR on May 12, 2011
Quality Assurance
The Company has implemented a rigorous QA/QC program using best industry practices at the Friday-Petsite Property. As described in the Company-s News Releases of July 9th, 2009 and December 29th, 2009 the program includes chain of custody of samples, drill core sawn in half and shipped in sealed bags, blind duplicates, blank samples and certified standards are inserted in the sample stream. The samples are then boxed and couriered to Acme Analytical Laboratories of Vancouver, B.C. a lab certified for the provision of assays and geochemical analyses (ISO 9001:2008). In Phase-Three, as with Phase-Two and Phase-One, samples with gold values greater than 10 g/t are re-analyzed via the metallic screen procedure. Samples with visible gold were also analyzed initially using the metallic screen analysis, as were the samples immediately preceding and following the sample with visible gold. ALS Chemex is the check laboratory for the program.
Qualified Person
The 2011 Phase-Four exploration program is being directed by Michael Ostenson, P.Geo., VP Exploration of Premium Exploration Inc. Mr. Ostenson is a Qualified Person as defined by NI 43-101. Mr. Ostenson prepared, and approves of the content in this release.
About Premium Exploration Inc.
Premium Exploration Inc. (TSX VENTURE: PEM) is focused on gold exploration at its district-sized Idaho Gold Project along the Orogrande Shear Zone in North-Central Idaho, USA. The „OSZ“ is a +30 km regionally-significant trending structure with multiple known zones of gold mineralization, similar to many large gold belts, like the Carlin Trend in Nevada. Armed with a proven exploration strategy, advancing gold resources, and 30 Km of drill-ready targets, Premium is well positioned to create shareholder value through exploration and the development of this emerging gold district. For additional information, please visit us at .
This press release contains certain „Forward-Looking Statements“ within the meaning of Section 21E of the United States Security Exchange Act of 1934, and involves a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the Company-s expectations are disclosed in the Company-s documents filed from time to time with the TSX Venture Exchange and the British Columbia Securities Commission. All statements, other than of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Premium Exploration Inc. Mr. Del Steiner President & Chief Executive Officer (604) 682-0243 (604) 682-2499 (FAX) ,
Opes Capital Inc. Ms. Christine Kopr Corporate Communications (604) 682-0243 (604) 682-2499 (FAX)
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